Medallion Financial shareholders re-elect board in proxy contest

Medallion Financial Corp. (NASDAQ: MFIN) shareholders re-elected all three company director nominees at the 2026 Annual Meeting of Stockholders, rejecting candidates proposed by ZimCal Asset Management LLC affiliate.

The company's nominees received approximately 78% of votes cast, while ZimCal's activist nominees received about 19% of votes, according to preliminary results reported by the independent inspector of election. This marks a decline from the approximately 22% support the activist nominees received in the 2024 contest.

The vote represents the third consecutive annual meeting where ZimCal initiated a proxy contest against Medallion Financial. Support for the company's board remained strong despite split recommendations from both proxy advisory firms.

"This result is a clear and emphatic statement from our shareholders," said Andrew Murstein, President and CEO of Medallion Financial. "For the third year in a row, they have placed their trust in our Board and rejected the campaign of a distressed debt investor seeking a personal windfall at the expense of all other shareholders."

Murstein noted that the company generated over $375 million of net income before taxes over the last five years and increased its dividend by 40% in the last three years.

The preliminary voting results remain subject to certification by the inspector of election. Medallion Financial will report certified results in a Form 8-K filing with the Securities and Exchange Commission.

Medallion Financial operates as a specialty finance company that originates and services loans in consumer and commercial industries, with key sectors including recreation and home improvement. The company is headquartered in New York City, with its largest subsidiary, Medallion Bank, based in Salt Lake City, Utah.

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